Miami Single-Family Home Prices Soared in June

23 July 2013

Miami-Dade posted home sales gains for single-family homes, soaring to 1,170 in June from 935 from the same month last year amidst tight supply.

The same inventory crunch is fueling double-digit gains in home values.

The performance of the county’s market in June marked its 19th consecutive month appreciation for both condominiums and single-family homes. The median sales price increased 21.1 percent to $230,000 compared to the 3.6 percent from the previous month. As for condominiums, a gain of 15.9 percent to $185,500 was posted compared to the 3.1 percent last year.

The continued demand and tight supply are fueling the momentum of the housing market in the Miami-Dade County. Homes in the lower price ranges gained the most advantage from the situation, posting tremendous gains and double-digit increase in prices. The increase in foreign buyers are driving the sales at record highs and many are seeing the trend to continue, firmly suggesting an even stronger price appreciation as supply are slowly easing in the market once again.

The sales of foreclosures, on the other hand, are starting to decline in Miami-Dade. Of the total closed sales in June, only 36.8 percent were distressed properties and short sales. Compare this with the 44.4 percent level posted for the same month in 2012.

Cash sales were also reported to continue its strength as 60 percent of the total closed sales in June were dealt with cash. Still, that was 5 percent lower than in June of 2012. Cash sales accounted for 73.8 percent and 42.2 percent of the total sales for condominiums and single-family homes, respectively. While these are all positive, the numbers are still lower than the 46.1 percent and 77.4 percent cash sales posted last year for single-family homes and condominiums, respectively.